Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.058%

Price spread now: Variational Omni against Aevo−0.111%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aevo Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.111% cheaper against Aevo than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENDLE-PERP	2.5269	0.0056	pay 0.0007% / 1h	21m 19s	$26K	—	3x
Short	Variational Omni PENDLE	2.5241	0.0002	get 0.0002% / 8h	7h 21m	$608K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aevo. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AevobpFee Variational OmnibpOrdersPrice spread, now −0.111%Rate

Funding earned: −$11.38
Price spread: −0.111% → 0.000%: −$11.15
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$38.53
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aevo no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	4.69 bp	doesn't fit	31.8 bp −$318	doesn't fit	doesn't fit

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.4643%	1h	2.4970	−1.183%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0303%	1h	2.5281	+0.047%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0114%	8h	2.5272	+0.012%	$1.3M	$696K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	+0.103%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0090%	8h	2.5263	−0.024%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5262	−0.028%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5265	−0.017%	$165K	$570K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5272	+0.012%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	+0.055%	$77K	$238K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5296	+0.107%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLEshort	+0.0002%	8h	2.5241	−0.111%	$608K	$1.8M	—
Bybit PENDLEUSDT	+0.0009%	8h	2.5260	−0.036%	$15.6M	$11.9M	50x	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5266	−0.010%	$4K	—	15x	as long as short
Aevo PENDLE-PERPlong	+0.0056%	1h	2.5269	long leg	$26K	—	3x
Aster PENDLEUSDT	+0.0056%	8h	2.5299	+0.118%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5281	+0.047%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5261	−0.030%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5250	−0.075%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5280	+0.044%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5299	+0.119%	$889K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5271	+0.008%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5270	+0.004%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	+0.055%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5274	+0.020%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5270	+0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5285	+0.062%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0361%	1h	2.5323	+0.214%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5328	+0.233%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.558%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0891%	1h	2.5341	+0.285%	$355K	$490K	15x	as long as short